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<br />Assessor’s Department <br /> 800 4th Ave. E, Suite 1 Telephone: 701-433-5340 <br />West Fargo, ND 58078 Fax: 701-433-5319 <br />assessor@westfargond.gov assessments.westfargond.gov <br /> <br /> PIN: 02-4600-00010-000 <br />Address: 750 23rd Ave E Zoning: Light Commercial Yr Built: 2012 GBA (sf): 152,509 Land (sf): 790,116 <br />Total Value: $18,876,900 $/sf: $123.78 <br />2018 2019 GBA $/sf <br />Land $6,320,900 Land $6,320,900 $41.44/sf Bldg $12,402,700 Bldg $12,556,000 $82.33/sf Overall $18,723,600 Overall $18,876,900 $123.77/sf <br />The property residing at 750 23rd Ave E is owned and operated by Costco. It is situated on the <br />corner of I-94 and Veterans Boulevard, one of West Fargo’s most highly traveled intersections. The site contains a large retail building with an auto center and has a freestanding fueling station with attendant building. In addition to the buildings there is 400,000sf of asphalt paving used primarily for parking. <br /> <br />Sales of similar properties have been included which contain sales in North Dakota and Minnesota. Though each sale is in a different community, since these properties are similar, they provide a range of value for this kind of property. As you will see the Costco property is newer then most of the sold properties, and consists of a larger tract of high value land. Currently our valuation is <br />slightly above the average sale price in the list, which makes sense when comparing the attributes. <br />Additionally using the applicant’s submitted actual costs of $18,375,656 and land acquisition of $3,900,000, the total cost to construct was $22,275,656. These figures are unadjusted costs from 2012 with the property experiencing minor physical depreciation since that time. <br />Overall we are 15% lower than the cost to complete after seven years in a market that has <br />experienced steady growth since 2012. Additionally our value falls right in line with sales of similar properties in our area. Considering this information, we recommend no adjustment be made to the presented A2019 value at this time. Recommendation: Make No Adjustment for A2019